Guest Post | Jun 27, 2022

The insurance industry is growing very fast with new technologies such as the use of satellite imagery to design agriculture insurance to mitigate financial losses due to climate change. Other insurance startups that have stood out this year use Artificial Intelligence (AI), data science, chatbots, APIs, etc., to transform the industry. You can see these drastic changes happening in the fintech industry, especially in the Canadian finance sector. But in this article, some of the best insurance startups are collected and reviewed.

Best Insurance Startups To Watch

The following are some insurance startups that you need to watch in 2022 for their innovative products in the market. They have revolutionized the insurance industry to meet the ever-changing needs in the market.

Pula

Pula is a Kenyan insuretech startup that has a focus on digital and agricultural insurance. It offers insuretech for small-scale farmers in Kenya by offering them agricultural insurance and digital products to help them boost their farm yields and step up their income. So far, the company has over 5.1 farmers insured and over 3 million hectares insured. It has paid out over 200,000 claims amounting to 13.5 million Kenyan shillings as to customers.

Pula offers agricultural insurance like crop insurance to protect farmers against risks including drought, excessive rainfall, pests and other perils. Some of the insurance products it offers include:

• Area Yield Index Insurance. It covers the value of purchased inputs against yields.
• Hybrid Index insurance. It covers weather index insurance ad area yield index insurance.

Oko

Oko is a new player in the insurance industry that is offering crop insurance. The insurance company is using new technologies in the satellite to help farmers get weather alerts and farming tips. Oko partners with weather data suppliers to help in creating agricultural insurance products. Farmers can get affordable micro-credit to help boost their farming. Oko has simplified and automated claim management hence creating low-cost crop insurance for small-scale farmers.

YAS

YAS is an insurance firm based in Hong Kong, founded in 2019. It offers insurance policies through mobile apps for various types of rides. YAS offers insurance coverage for medical expenses, loss of assets, death and incapacitation through traffic accidents. It offers two types of coverage, BYKE which covers bikes and HYKES that covers hikers. Also, if your bike gets stolen or needs a repair, YAS will take care of it.

HYKE on the other hand covers hikers for risks such as wild encounters like heat strokes and twisted ankles as a result of prolonged walking. Essentially, YAS provides coverage to people of different walks of life like runners, hikers, bikers and passengers using public transport.

Typbot

Typbot was founded in 2019 in Latvia. The insurance startup is helping insurance companies by building chatbots. Through the chat, insurance companies can build automated insurance agents. Through Chabot, customers can buy insurance policies, receive invoices and payment URLs. All this can be done through a messenger app. Through the app, insurance companies can market their insurance products. Moreover, the app sends customers reminders about their renewals without asking for their information again.

Riskwolf

Riskwolf was started in Switzerland in 2019. Riskwolf is an insurance firm that insures digital platforms from disruptions. Riskwolf is a great deal for people who work from home in the digital economy. For instance, if the internet is off, freelancers can lose lots of revenue. That’s where Riskwolf comes in. There are a lot of many things like weather, cables and other incidences that can lead for loss of network connectivity. If you are working in telecommunication, internet service, eCommerce and other digital platforms, you can insure your business through Riskwolf.

Unfrauded

Unfrauded was founded in 2019 in Tunisia. It offers artificial intelligence (AI) for car insurance to detect fraud and fasten the process of claim assessment. It also assesses car damage based on images and also provides cost estimation for repairs. It then delivers a report within a very short period. Unfrauded Insurance screens through each claim to verify if there is any fraud. Since it uses AI technology, it is able to detect patterns that cannot be detected by humans.

CJ Cube

CJ Cube is an Irish insurance startup that was started in 2019. The insurance firm is majorly focused on insurance data management. It has an insurance product, Cymphony Cubes, a secure and single source of truth that can be used for storing, sharing, and managing insurance data. You can use it to share your policy information with third parties without a breach of data. It also comes with inbuilt authorization and authentication features to ensure the security of data.

Summary of the Best Insurance Startups

When looking for an insurance company to insure your property, life, or health, there are many factors you need to consider. Some of these factors include speed when it comes to paying out claims, affordability, coverage, company’s financial strength, and company’s reputation. Go for the insurance company that best fits your needs while considering all these factors.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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